Bitcoin Hits Two-Month High as Coinbase Pulls Support for Senate Crypto Bill
Bitcoin rose to a fresh two-month high near $96,750 as major crypto assets traded mostly higher. The market move came alongside major policy and company developments, including Coinbase withdrawing support for a Senate crypto market structure bill and the bill’s subsequent delay.
What happened?
Bitcoin rose to a fresh two-month high near $96,750 as major crypto assets traded mostly higher. The market move came alongside major policy and company developments, including Coinbase withdrawing support for a Senate crypto market structure bill and the bill’s subsequent delay.
Why it matters
The market update arrived alongside a significant shift in Washington. Coinbase withdrew its support for the Senate’s crypto market structure bill ahead of a key vote, citing major concerns with the latest draft. The Senate then delayed the bill, adding uncertainty to one of the industry’s central regulatory efforts.
Bitcoin climbed to a new two-month high around $96,750 as major crypto assets traded broadly in the green. Ether rose to about $3,360, Solana held near $145, while XRP slipped to $2.11. Among the day’s notable movers, Decred, Dash, Internet Computer and Zcash posted gains, while Monero touched a new all-time high near $800 before pulling back to roughly $725.
The market update arrived alongside a significant shift in Washington. Coinbase withdrew its support for the Senate’s crypto market structure bill ahead of a key vote, citing major concerns with the latest draft. The Senate then delayed the bill, adding uncertainty to one of the industry’s central regulatory efforts.
The move matters because market structure legislation is closely watched by exchanges, token issuers and investors seeking clearer rules for digital assets in the United States. Coinbase’s decision signals that even industry-backed regulatory efforts can lose support if the final language is viewed as too problematic by major market participants.
Several company and regulatory updates also shaped the day’s crypto agenda. The Zcash Foundation said the SEC’s investigation into Zcash had concluded without enforcement action, while Ripple secured a Luxembourg license as it continued expanding in Europe. Pakistan also partnered with World Liberty Financial to explore stablecoin use cases for remittances and cross-border payments.
Elsewhere, the Human Rights Foundation awarded nearly $1.3 million in Bitcoin grants to projects focused on human rights and freedom technology. Figure introduced a public equity network designed for on-chain issuance of stocks and related assets, while FTX prepared another round of creditor payments with timing details for the next distribution on March 31. Sui also returned online after a nearly six-hour network stall, putting renewed attention on blockchain reliability.